Union Finance Minister Arun Jaitley, who participated in the meeting of G-20 Finance Ministers and Central Bank Governors in Peru yesterday, alluded to the uncertainty surrounding recovery of the global economy and emphasized the need to explore unconventional means to raise resources to achieve the Sustainable Development Goals (SDGs).
Jaitley, who also participated in the G-24 Finance Ministers’ meeting, welcomed the Sustainable Development Goals (SDGs) to be achieved by 2030.
He elucidated the initiatives taken by India to overcome the challenges to the economy and elaborated the unique identity linked financial inclusion programme which has resulted in opening of 180 million new bank accounts enabling direct transfer of benefits under various government welfare schemes.
In addition, Jaitley also explained India’s initiative in launching the Mudra Bank to provide loans to micro and small enterprises, thus, facilitating self-employment and job creation.
India has stepped up public investments, particularly in infrastructure sector which offset slowdown in private investments. India has set an ambitious target of achieving 175 gigawatts of power generation by 2022 through a mix of renewable energy sources and has initiated the mission to set up 100 smart cities in India.
Jaitley also welcomed international tax co-operation, particularly the automatic exchange of tax information and referred to recent enactment of a strong law to curb illicit financial outflows from the country.
The Finance Minister also held bilateral meetings with US Treasury Secretary Jacob Lew, Finance Minister of France Michael Sapin, Finance Minister of China Lou Jiwei, and other financial leaders.
Jaitley is currently on an official tour to Peru to attend the annual meetings of the International Monetary Fund, the World Bank and other associated meetings.